BlockBeats News, June 1st, Nasdaq-listed Bitcoin mining company IREN announced the completion of a $3.65 billion investment-grade GPU financing to provide funding support for its AI Cloud agreement with Microsoft.

The financing consists of a $2.1 billion US private placement bond offering and a $1.55 billion Delayed Draw Term Loan (DDTL), with a blended financing cost of approximately 6%. With customer prepayment support, this financing will cover around 96% of the $5.81 billion GPU capital expenditure for the Microsoft project, reducing the overall cost of funds to 3.31%.

This financing received ratings of 'A' from Fitch and 'A(low)' from DBRS, making it the highest-rated publicly disclosed investment-grade GPU financing project to date, and the first GPU financing case in the US private placement market.

IREN stated that the funding will support the company's expansion of AI cloud computing capacity to 480MW by the end of 2026. Goldman Sachs and JPMorgan served as joint lead underwriters and book managers for this transaction.

IREN Co-Founder and Co-CEO Daniel Roberts said that securing investment-grade financing reflects the value of Microsoft's long-term contract and the company's proprietary data center infrastructure, helping to broaden institutional capital sources and reduce future expansion costs.